Insider Buying: Donegal Group (NASDAQ:DGICA) Major Shareholder Purchases $144,330.00 in Stock

Donegal Group, Inc. (NASDAQ:DGICA) major shareholder Mutual Insurance Co Donegal acquired 8,500 shares of Donegal Group stock in a transaction that occurred on Thursday, May 28th. The shares were purchased at an average price of $16.98 per share, for a total transaction of $144,330.00. Following the transaction, the insider directly owned 14,081,609 shares in the company, valued at $239,105,720.82. The trade was a 0.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Mutual Insurance Co Donegal also recently made the following trade(s):

• On Tuesday, May 26th, Mutual Insurance Co Donegal acquired 8,500 shares of Donegal Group stock. The shares were purchased at an average price of $17.33 per share, for a total transaction of $147,305.00.
• On Friday, May 22nd, Mutual Insurance Co Donegal acquired 8,500 shares of Donegal Group stock. The shares were purchased at an average price of $17.40 per share, for a total transaction of $147,900.00.
• On Wednesday, May 20th, Mutual Insurance Co Donegal acquired 8,500 shares of Donegal Group stock. The shares were purchased at an average price of $17.43 per share, for a total transaction of $148,155.00.
• On Tuesday, May 19th, Mutual Insurance Co Donegal acquired 8,328 shares of Donegal Group stock. The shares were purchased at an average price of $17.48 per share, for a total transaction of $145,573.44.
• On Monday, May 18th, Mutual Insurance Co Donegal acquired 8,500 shares of Donegal Group stock. The shares were purchased at an average price of $17.33 per share, for a total transaction of $147,305.00.
• On Friday, May 15th, Mutual Insurance Co Donegal acquired 8,500 shares of Donegal Group stock. The shares were purchased at an average price of $17.16 per share, for a total transaction of $145,860.00.
• On Wednesday, May 13th, Mutual Insurance Co Donegal acquired 8,500 shares of Donegal Group stock. The shares were purchased at an average price of $16.86 per share, for a total transaction of $143,310.00.
• On Monday, May 11th, Mutual Insurance Co Donegal bought 8,500 shares of Donegal Group stock. The shares were bought at an average cost of $17.18 per share, for a total transaction of $146,030.00.
• On Friday, May 8th, Mutual Insurance Co Donegal bought 8,077 shares of Donegal Group stock. The shares were bought at an average cost of $17.13 per share, for a total transaction of $138,359.01.
• On Thursday, May 7th, Mutual Insurance Co Donegal bought 8,500 shares of Donegal Group stock. The shares were bought at an average cost of $17.06 per share, for a total transaction of $145,010.00.

Donegal Group Price Performance

Shares of DGICA opened at $16.97 on Monday. The company has a market capitalization of $628.74 million, a PE ratio of 9.48 and a beta of 0.01. Donegal Group, Inc. has a 12 month low of $16.11 and a 12 month high of $21.06. The stock’s 50-day moving average price is $17.25 and its two-hundred day moving average price is $18.43. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.05.

Donegal Group (NASDAQ:DGICA) last announced its earnings results on Thursday, April 30th. The insurance provider reported $0.32 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.08). The company had revenue of $236.00 million for the quarter, compared to analyst estimates of $247.83 million. Donegal Group had a return on equity of 10.31% and a net margin of 6.77%. On average, analysts anticipate that Donegal Group, Inc. will post 1.75 EPS for the current year.

Donegal Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 1st were issued a dividend of $0.1925 per share. This represents a $0.77 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Friday, May 1st. This is a boost from Donegal Group’s previous quarterly dividend of $0.18. Donegal Group’s dividend payout ratio (DPR) is presently 43.02%.

Analyst Ratings Changes

DGICA has been the topic of several recent research reports. Weiss Ratings downgraded Donegal Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Keefe, Bruyette & Woods cut their target price on Donegal Group from $19.00 to $18.00 and set a “market perform” rating on the stock in a report on Friday, May 1st. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in DGICA. AQR Capital Management LLC lifted its stake in shares of Donegal Group by 139.8% in the 1st quarter. AQR Capital Management LLC now owns 39,413 shares of the insurance provider’s stock valued at $774,000 after purchasing an additional 22,978 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Donegal Group by 7.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 109,791 shares of the insurance provider’s stock valued at $2,155,000 after purchasing an additional 8,004 shares during the period. Empowered Funds LLC lifted its stake in shares of Donegal Group by 1.9% in the 1st quarter. Empowered Funds LLC now owns 91,814 shares of the insurance provider’s stock valued at $1,802,000 after purchasing an additional 1,696 shares during the period. Jane Street Group LLC acquired a new position in shares of Donegal Group in the 1st quarter valued at about $689,000. Finally, Rhumbline Advisers lifted its stake in shares of Donegal Group by 22.3% in the 2nd quarter. Rhumbline Advisers now owns 32,824 shares of the insurance provider’s stock valued at $657,000 after purchasing an additional 5,981 shares during the period. 27.96% of the stock is owned by institutional investors and hedge funds.

Donegal Group Company Profile

Donegal Group, Inc (NASDAQ: DGICA) is a property and casualty insurance holding company headquartered in Marietta, Pennsylvania. Through a network of independent agencies, the company offers a suite of personal and commercial insurance products. Its underwriting subsidiaries provide homeowners, automobile, farmowner, commercial multi-peril, surety and umbrella coverages designed to meet the needs of individuals, families and businesses.

The company’s origins date back to 1925 with the formation of Donegal Mutual Insurance Company to serve rural communities in Pennsylvania.